An audiobook I finished
Liar’s Poker, published in 1989, (audiobook here) marked the end of author Michael Lewis’ short-lived career on Wall Street. Telling the tales of evil and greed of your colleagues and bosses tends to push one out of the friend’s circle, which left Lewis with a major career change from bond salesman at Solomon Brothers to author. The long and short of it is the financial system is a house of cards – risk-leveraged debt upon risk-leveraged debt upon risk-leveraged debt. That it hasn’t completely collapsed and left us trading vegetable seeds and bullets should be proof there is a God who loves us.
Perhaps the most noteworthy takeaway in this audiobook was Lewis’ mention of the introduction of mortgage-backed securities (MBS). Remember: this book, he wrote in 1989. The audiobook is just a complete reading of the text; nothing else was added since writing.
Do you happen to recall that term, mortgage-backed securities? Remember The Big Short, and Margot Robbie’s rather colorful explanation of Lewis Ranieri’s launch of MBS’s and their later expansion to include sub-prime loans? Remember 2008 and the housing bubble? Remember all the people who lost their homes? And the banks that collapsed?
Michael Lewis knew those MBS’s would be problematic back in the 80’s when he wrote Liar’s Poker, which became an acclaimed best-seller. And even then, we still ignored the signs.
He mentioned in a podcast that when Liar’s Poker was published, he genuinely believed the idiocy he had documented within the American financial system had reached its peak and would surely be reigned in by the SEC. But on it went, powered by greed, full throttle ahead. I recommend this if you want to learn about the people who move the big money in this country and all around the world. You should expect some serious cursing and crude language throughout the book.
Away, toward motivations and knowing your self
In every moment a person is either avoiding something out of fear or pursuing an opportunity. There’s a lot on our minds, sure, but that’s all it boils down to – we’re either running away from stuff we don’t like or toward things we want more of. That’s it.
Marketers use this to attract customers. I use it in writing sales copy. And I don’t think the point is to try and break this framework within yourself but perhaps to become aware of it, to recognize your own nature, to know yourself better.
A podcast I listened to
Currently, my favorite author is Jack Carr, former Navy SEAL and well-read author of the Terminal List book series and creative genius behind the show Terminal List. Recently, Carr was once again a guest on the Joe Rogan Experience podcast and their conversation was wide-ranging, covering Ian Fleming’s James Bond series, why many people in military careers become complacent, and the “willful, calculated betrayal” in the former head of America’s notorious NSA joining the board at OpenAI. They discussed questions like whether the protagonist in a book series should age, as the series develops like Lee Child’s Jack Reacher, or remain timeless as with James Bond. They also discuss ideas, and where ideas come from, like inspiration, and how the greatest leaps of innovation have always been just one step outside of what is already known. It’s a typical Joe Rogan conversation with an outstanding fiction author, Jack Carr. Typical Joe Rogan also means profanity.
Bonus: can’t fool a toddler!
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